Outer Banks, NC – December 15, 2011 – (RealEstateRama) — To calculate the absorption rate for beachfront homes sales in the OBX vacation destination of Corolla you have to figure the amount of time it will take to sell off all the available real estate inventory. In Corolla there are currently 34 oceanfront houses for sale. The number of beachfront houses sold in the past 12 months was a total of 27 single family homes. With 34 oceanfront homes currently for sale it, will take 1.3 years to sell all of the Corolla beachfront homes currently for sale. Considering at least 25% of the available houses for sale are overpriced by a seller who refuses to face reality we are actually in a short supply of properties. As 2011 is coming to a close there has been a rush of buyers picking up deals on the Corolla oceanfront.
If you calculate the number of oceanfront houses in Corolla currently under contract with buyers in the process of closing there is definitely a shortage of beachfront houses for sale. Usually, the law of supply and demand kicks in about now and starts to drive the prices up, but with the banks competing with each other to see who can sell a property the quickest the prices are being artificially forced downward.
There are 189 houses currently for sale, as of Thanksgiving 2011, in Corolla on the oceanside of Rt 12. Last year 127 houses sold during the previous 12 months in this same area. If everything stays the same as it is now it will take 1.5 years to sell off all of the houses for sale located in Corolla on the ocean side of Rt 12.
On the sound side of Rt 12 in Corolla there are currently 92 houses for sale while only 32 houses were sold in the previous 12 months. At this rate it will take 2.9 years to sell off all of the houses currently for sale in the Corolla sound side area. Obviously, the further you move away from the oceanfront the less demand there is for property.
If you are planning to sell your oceanfront home then now is a good time. There are plenty of buyers waiting for the right property to come on the market at market value. If you can price your home at market value then you can sell your property. To find out what the market value is for your OBX property call Greg Cremia at Shore Realty 800-647-1868, helping people buy and sell real estate on the Outer Banks since 1989.